The following are some of our past results:
- A client received audit notices from 15 States that had engaged a third-party contingency fee auditor. The client determined that they did not have the expertise in the area of unclaimed property to handle the audit in house and engaged Moyer & Osibodu to manage the audit on their behalf. Moyer & Osibodu were able to quickly secure a non-disclosure agreement that prohibited the auditor from adding more states to the audit. In addition and based on Moyer & Osibodu’s expertise and knowledge of the auditor’s document requests and review procedures, the initial audit assessment of $25 million was reduced to $7 million.
- A client acquired a company that had not historically reported unclaimed property to the States. The client engaged Moyer & Osibodu to determine what, if any, potential unclaimed property exposure existed at the acquired company. Moyer & Osibodu determined the potential unclaimed property exposure and also provided a strategy for the client to minimize the potential exposure by 95%. In addition, Moyer & Osibodu provided unclaimed property training to the client to insure they were in compliance prospectively.
- A client engaged Moyer & Osibodu to perform an unclaimed property risk assessment prior to receiving an audit notice from the States. During the risk assessment, it was discovered that the client’s accounting procedure included adjusting millions of customer credit balances into income rather than devoting the resources to reconcile these credit balances due to their customers. A potential unclaimed property exposure of $35 million was determined during the risk assessment. The client was subsequently selected for a State unclaimed property audit and Moyer & Osibodu were engaged to assist with the audit. With Moyer & Osibodu’s audit assistance, the client ended up with a final audit assessment of $3 million.
- After completing an accounting systems conversion, a client uncovered $2.5 million in customer credit balances outstanding for more than one year. Working with Moyer & Osibodu, the client was able to develop a strategy for returning $2.45 million to their customers thus avoiding significant penalties and interest that could have been assessed by the States, if the client had reported the credit balances late as past due property.